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On 1 July 2015, Zetland Ltd paid $48,000 cash to acquire a motor vehicle. On this date it was estimated that the motor vehicle had a useful life of five years and a residual value of $3,000. Zetland Ltd uses the revaluation model to measure items of property, plant and equipment and the straight-line method of depreciation. Zetland Ltd has a 30 June reporting date.
An independent valuer provided the following fair values for the motor vehicle:
Reporting date Fair value
30 June 2016 $39,000
30 June 2017 24,000
30 June 2018 27,000
On 31 December 2018, the motor vehicle was sold for $20,000 cash.
Required
Question 1: Prepare the journal entries to account for the events and transactions in relation to the motor vehicle between 1 July 2015 and 31 December 2018. For any year/s that a revaluation journal entry is not required, you should explain this and provide a supporting calculation.
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